According to DappRadar data, the number of active wallets in the Ethereum decentralized financial market has dropped significantly. The number of active DeFi wallets in Ethereum has decreased by almost 40 percent since mid-February.
While Ethereum gas fees appear to have dropped, the network’s transaction fees have reached record levels in recent weeks, which seems to have affected DeFi user statistics.
Synthetix, one of the major DeFi protocols, reduced the number of 24-hour active users by 10 percent and Curve’s active users by 15 percent. Coinotag reported on March 5 that daily DeFi volume dropped significantly as gas charges rose.
On the other hand, popular decentralized exchanges like Uniswap and 1inch have been crowded with users last month. According to data from DappRadar, Uniswap’s user base has grown by 22 percent in the past 30 days, while 1inch’s user base has grown by 35 percent.
While the number of users of Ethereum-based DeFi protocols decreased, the number of Binance Smart Chain (BSC) users increased. The user base of PancakeSwap, the leading BSC-based decentralized exchange, increased 200 percent last month.
Although the number of Ethereum DeFi users has decreased, the non-tradable token (NFT) market does not appear to be affected by the current trend. NFT markets such as OpenSea and Rarible saw the biggest increase in user numbers last month.
Although BSC significantly increases the number of new users, it does not host as much diversity as Ethereum. Ethereum supporters are waiting for the EIP-1559 gas fee revision scheduled for July.
Ethereum (ETH) price as of now$ 1,756.71finds buyers at dollar levels.
To be informed immediately of the most up-to-date developments Twitter Join our page!